RPO Bookings Increase 38% over Prior Year on
Strong Demand Company Raises 2023 Full-Year Guidance
Leading Supply Chain and Omnichannel Commerce Solutions provider
Manhattan Associates Inc. (NASDAQ: MANH) today reported revenue of
$231.0 million for the second quarter ended June 30, 2023. GAAP
diluted earnings per share for Q2 2023 was $0.63 compared to $0.49
in Q2 2022. Non-GAAP adjusted diluted earnings per share for Q2
2023 was $0.88 compared to $0.69 in Q2 2022.
“Manhattan delivered record second quarter and first half
results. Robust demand drove Q2 cloud revenue growth of 44% and
service revenue growth of 23%. These strong results exceeded our
expectations, leading to our top-line outperformance and solid
earnings leverage in the quarter,” said Manhattan Associates
president and CEO Eddie Capel.
“While appropriately cautious regarding the global economy, we
are optimistic on our opportunity. To extend our leadership
position, we remain committed to investing in industry leading
innovation across supply chain execution, omnichannel and retail
point of sale markets to best help our customers achieve more by
digitally transforming their businesses,” Mr. Capel concluded.
SECOND QUARTER 2023 FINANCIAL SUMMARY:
- Consolidated total revenue was $231.0 million for Q2 2023,
compared to $191.9 million for Q2 2022.
- Cloud subscription revenue was $60.9 million for Q2 2023,
compared to $42.2 million for Q2 2022.
- License revenue was $3.7 million for Q2 2023, compared to $5.1
million for Q2 2022.
- Services revenue was $124.6 million for Q2 2023, compared to
$100.9 million for Q2 2022.
- GAAP diluted earnings per share was $0.63 for Q2 2023, compared
to $0.49 for Q2 2022.
- Adjusted diluted earnings per share, a non-GAAP measure, was
$0.88 for Q2 2023, compared to $0.69 for Q2 2022.
- GAAP operating income was $50.5 million for Q2 2023, compared
to $37.3 million for Q2 2022.
- Adjusted operating income, a non-GAAP measure, was $68.4
million for Q2 2023, compared to $52.8 million for Q2 2022.
- Cash flow from operations was $40.6 million for Q2 2023,
compared to $52.7 million for Q2 2022. Days Sales Outstanding was
70 days at June 30, 2023, compared to 65 days at March 31,
2023.
- Cash totaled $153.3 million at June 30, 2023, compared to
$181.6 million at March 31, 2023.
- During the three months ended June 30, 2023, the Company
repurchased 381,357 shares of Manhattan Associates common stock
under the share repurchase program authorized by our Board of
Directors for a total investment of $66.8 million. In July 2023,
our Board of Directors approved replenishing the Company’s
remaining share repurchase authority to an aggregate of $75.0
million of our common stock.
SIX MONTH 2023 FINANCIAL SUMMARY:
- Consolidated total revenue for the six months ended June 30,
2023, was $452.0 million, compared to $370.9 million for the six
months ended June 30, 2022.
- Cloud subscription revenue was $118.2 million for the six
months ended June 30, 2023, compared to $79.5 million for the six
months ended June 30, 2022.
- License revenue was $9.1 million for the six months ended June
30, 2023, compared to $13.5 million for the six months ended June
30, 2022.
- Services revenue was $240.8 million for the six months ended
June 30, 2023, compared to $190.9 million for the six months ended
June 30, 2022.
- GAAP diluted earnings per share for the six months ended June
30, 2023, was $1.25, compared to $0.97 for the six months ended
June 30, 2022.
- Adjusted diluted earnings per share, a non-GAAP measure, was
$1.67 for the six months ended June 30, 2023, compared to $1.29 for
the six months ended June 30, 2022.
- GAAP operating income was $97.6 million for the six months
ended June 30, 2023, compared to $71.2 million for the six months
ended June 30, 2022.
- Adjusted operating income, a non-GAAP measure, was $132.1
million for the six months ended June 30, 2023, compared to $100.9
million for the six months ended June 30, 2022.
- Cash flow from operations was $99.3 million for the six months
ended June 30, 2023, compared to $84.5 million for the six months
ended June 30, 2022.
- During the six months ended June 30, 2023, the Company
repurchased 896,195 shares of Manhattan Associates common stock
under the share repurchase program authorized by our Board of
Directors, for a total investment of $140.9 million.
2023 GUIDANCE
Manhattan Associates provides the following revenue, operating
margin and diluted earnings per share guidance for the full year
2023:
Guidance Range - 2023 Full
Year
($'s in millions, except operating
margin and EPS)
$ Range
% Growth Range
Total revenue - current
guidance
$886
$894
15%
17%
Operating margin:
GAAP operating margin - current
guidance
19.5%
19.8%
Equity-based compensation
7.9%
7.8%
Adjusted operating margin(1) - current
guidance
27.4%
27.6%
Diluted earnings per share
(EPS):
GAAP EPS - current guidance
$2.18
$2.22
7%
9%
Equity-based compensation, net of
tax
0.95
0.95
Excess tax benefit on stock
vesting(2)
(0.06)
(0.06)
Adjusted EPS(1) - current
guidance
$3.07
$3.11
11%
13%
(1) Adjusted operating margin and adjusted
EPS are non-GAAP measures that exclude the impact of
equity-based
compensation and related income tax
effects.
(2) Excess tax benefit on stock vesting
expected to occur primarily in the first quarter of 2023.
Manhattan Associates currently intends to publish in each
quarterly earnings release certain expectations with respect to
future financial performance. Those statements, including the
guidance provided above and guideposts in the supplemental
information below, are forward looking. Actual results may differ
materially. See our cautionary note regarding “forward-looking
statements” below. Those statements do not reflect the potential
impact of mergers, acquisitions or other business combinations that
may be completed after the date of the release.
Manhattan Associates will make this earnings release and
published expectations available on the investor relations section
of the Manhattan Associates website at ir.manh.com. Following
publication of this earnings release, any expectations with respect
to future financial performance contained in this release,
including the guidance and guideposts, should be considered
historical only, and Manhattan Associates disclaims any obligation
to update them.
CONFERENCE CALL
Manhattan Associates’ conference call regarding its second
quarter 2023 financial results will be held today, July 25, 2023,
at 4:30 p.m. Eastern Time. The Company will also discuss its
business and expectations for the year and next quarter in
additional detail during the call. We invite investors to a live
webcast of the conference call through the Investor Relations
section of the Manhattan Associates website at ir.manh.com. To
listen to the live webcast, please go to the website at least 15
minutes before the call to download and install any necessary audio
software. The Internet webcast will be available until Manhattan
Associates’ third quarter 2023 earnings release.
GAAP VERSUS NON-GAAP PRESENTATION
Manhattan Associates provides adjusted operating income and
margin, adjusted income tax provision, adjusted net income, and
adjusted diluted earnings per share in this press release as
additional information regarding the Company’s historical and
projected operating results. These measures are not in accordance
with, or alternatives to, GAAP, and may be different from similarly
titled non-GAAP measures used by other companies. The Company
believes the presentation of these non-GAAP financial measures
facilitates investors’ ability to understand and compare the
Company’s results and guidance, because the measures provide
supplemental information in evaluating the operating results of its
business, as distinct from results that include items not
indicative of ongoing operating results, and because the Company
believes its peers typically publish similar non-GAAP measures.
This release should be read in conjunction with the Company’s Form
8-K earnings release filing for the three and six months ended June
30, 2023.
Non-GAAP adjusted operating income and margin, adjusted income
tax provision, adjusted net income and adjusted diluted earnings
per share exclude the impact of equity-based compensation – net of
income tax effects. We include reconciliations of the Company’s
GAAP financial measures to non-GAAP adjustments in the supplemental
information attached to this release.
ABOUT MANHATTAN ASSOCIATES
Manhattan Associates is a technology leader in supply chain and
omnichannel commerce. We unite information across the enterprise,
converging front-end sales with back-end supply chain execution.
Our software, platform technology and unmatched experience help
drive both top-line growth and bottom-line profitability for our
customers.
Manhattan Associates designs, builds and delivers leading edge
cloud solutions so that across the store, through your network or
from your fulfillment center, you are ready to reap the rewards of
the omnichannel marketplace. For more information, please visit
www.manh.com.
This press release contains “forward-looking statements”
relating to Manhattan Associates, Inc. Forward-looking statements
in this press release include, without limitation, the information
set forth under “2023 Guidance” and “Guideposts,” statements we
make about market adoption of our cloud-based solution and other
statements identified by words such as “may,” “expect,” “forecast,”
“anticipate,” “intend,” “plan,” “believe,” “could,” “seek,”
“project,” “estimate” and similar expressions. Prospective
investors are cautioned that any of those forward-looking
statements are not guarantees of future performance and involve
risks and uncertainties, and that actual results may differ
materially from those contemplated by those forward-looking
statements. Among the important factors that could cause actual
results to differ materially from those indicated by those
forward-looking statements are: economic conditions, including
inflation; disruption in the retail sector; delays in product
development; competitive and pricing pressures; software errors and
information technology failures, disruption and security breaches;
disruption in the retail sector; risks related to our products’
technology and customer implementations; global instability,
including the war in Ukraine; and the other risk factors set forth
in Item 1A of the Company’s Annual Report on Form 10-K for the year
ended December 31, 2022, and in Item 1A of Part II in subsequent
Quarterly Reports on Form 10-Q. Manhattan Associates undertakes no
obligation to update or revise forward-looking statements to
reflect changed assumptions, the occurrence of unanticipated events
or changes in future operating results.
MANHATTAN ASSOCIATES, INC. AND
SUBSIDIARIES
Condensed Consolidated
Statements of Income
(in thousands, except per
share amounts)
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
(unaudited)
(unaudited)
(unaudited)
(unaudited)
Revenue:
Cloud subscriptions
$60,943
$42,203
$118,163
$79,500
Software license
3,745
5,125
9,097
13,483
Maintenance
35,826
35,993
71,476
71,295
Services
124,609
100,941
240,779
190,859
Hardware
5,893
7,662
12,514
15,743
Total revenue
231,016
191,924
452,029
370,880
Costs and expenses:
Cost of cloud subscriptions, maintenance
and services
108,445
87,766
211,772
170,791
Cost of software license
368
880
670
1,282
Research and development
31,600
27,924
62,394
55,379
Sales and marketing
18,563
17,749
36,628
32,139
General and administrative
20,237
18,606
40,190
36,571
Depreciation and amortization
1,320
1,746
2,807
3,493
Total costs and expenses
180,533
154,671
354,461
299,655
Operating income
50,483
37,253
97,568
71,225
Other income, net
1,041
2,243
1,184
2,981
Income before income taxes
51,524
39,496
98,752
74,206
Income tax provision
11,904
8,671
20,341
12,789
Net income
$39,620
$30,825
$78,411
$61,417
Basic earnings per share
$0.64
$0.49
$1.26
$0.97
Diluted earnings per share
$0.63
$0.49
$1.25
$0.97
Weighted average number of shares:
Basic
61,862
62,954
62,036
63,083
Diluted
62,432
63,419
62,599
63,644
MANHATTAN ASSOCIATES, INC. AND
SUBSIDIARIES
Reconciliation of Selected
GAAP to Non-GAAP Measures
(in thousands, except per
share amounts)
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
Operating income
$50,483
$37,253
$97,568
$71,225
Equity-based compensation (a)
17,928
15,538
34,568
29,676
Adjusted operating income (Non-GAAP)
$68,411
$52,791
$132,136
$100,901
Income tax provision
$11,904
$8,671
$20,341
$12,789
Equity-based compensation (a)
2,628
2,566
5,037
4,748
Tax benefit of stock awards vested (b)
281
8
3,236
4,383
Adjusted income tax provision
(Non-GAAP)
$14,813
$11,245
$28,614
$21,920
Net income
$39,620
$30,825
$78,411
$61,417
Equity-based compensation (a)
15,300
12,972
29,531
24,928
Tax benefit of stock awards vested (b)
(281)
(8)
(3,236)
(4,383)
Adjusted net income (Non-GAAP)
$54,639
$43,789
$104,706
$81,962
Diluted EPS
$0.63
$0.49
$1.25
$0.97
Equity-based compensation (a)
0.25
0.20
0.47
0.39
Tax benefit of stock awards vested (b)
-
-
(0.05)
(0.07)
Adjusted diluted EPS (Non-GAAP)
$0.88
$0.69
$1.67
$1.29
Fully diluted shares
62,432
63,419
62,599
63,644
(a)
Adjusted results exclude all equity-based
compensation to facilitate comparison with our peers and for the
other reasons explained in our Current Report on Form 8-K filed
with the SEC. We do not receive a GAAP tax benefit for a portion of
our equity-based compensation, mainly due to Section 162(m) of the
Internal Revenue Code, which limits tax deductions for compensation
granted to certain executives.
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
Cost of services
$7,178
$5,822
$13,694
$10,959
Research and development
3,915
3,425
7,570
6,614
Sales and marketing
1,807
1,546
3,455
2,952
General and administrative
5,028
4,745
9,849
9,151
Total equity-based compensation
$17,928
$15,538
$34,568
$29,676
(b)
Adjustments represent the excess tax benefits and tax
deficiencies of the equity awards vested during the period. Excess
tax benefits (deficiencies) occur when the amount deductible on our
tax return for an equity award is more (less) than the cumulative
compensation cost recognized for financial reporting purposes. As
discussed above, we exclude equity-based compensation from adjusted
non-GAAP results to be consistent with other companies in the
software industry and for the other reasons explained in our
Current Report on Form 8-K filed with the SEC. Therefore, we also
exclude the related tax benefit (expense) generated upon their
vesting.
MANHATTAN ASSOCIATES, INC. AND
SUBSIDIARIES
Condensed Consolidated Balance
Sheets
(in thousands, except share
and per share data)
June 30, 2023
December 31, 2022
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$
153,294
$
225,463
Accounts receivable, net of allowance of
$5,903 and $6,009, at June 30, 2023 and December 31, 2022,
respectively
178,453
166,767
Prepaid expenses and other current
assets
28,272
23,145
Total current assets
360,019
415,375
Property and equipment, net
11,754
12,803
Operating lease right-of-use assets
16,052
17,794
Goodwill, net
62,233
62,230
Deferred income taxes
48,259
37,206
Other assets
28,677
24,770
Total assets
$
526,994
$
570,178
LIABILITIES AND SHAREHOLDERS'
EQUITY
Current liabilities:
Accounts payable
$
26,124
$
25,701
Accrued compensation and benefits
51,937
54,469
Accrued and other liabilities
25,339
24,569
Deferred revenue
227,100
208,807
Income taxes payable
109
2,049
Total current liabilities
330,609
315,595
Operating lease liabilities, long-term
12,459
14,065
Other non-current liabilities
13,376
13,718
Shareholders' equity:
Preferred stock, no par value; 20,000,000
shares authorized, no shares issued or outstanding in 2023 and
2022
-
-
Common stock, $0.01 par value; 200,000,000
shares authorized; 61,668,512 and 62,191,570 shares issued and
outstanding at June 30, 2023 and December 31, 2022,
respectively
617
621
Retained earnings
196,673
253,711
Accumulated other comprehensive loss
(26,740
)
(27,532
)
Total shareholders' equity
170,550
226,800
Total liabilities and shareholders'
equity
$
526,994
$
570,178
MANHATTAN ASSOCIATES, INC. AND
SUBSIDIARIES
Condensed Consolidated
Statements of Cash Flows
(in thousands)
Six Months Ended June
30,
2023
2022
(unaudited)
(unaudited)
Operating activities:
Net income
$
78,411
$
61,417
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
2,807
3,493
Equity-based compensation
34,568
29,676
Loss (gain) on disposal of equipment
22
(92
)
Deferred income taxes
(11,038
)
(12,535
)
Unrealized foreign currency loss
(gain)
1,577
(2,087
)
Changes in operating assets and
liabilities:
Accounts receivable, net
(11,024
)
(11,703
)
Other assets
(5,825
)
(6,697
)
Accounts payable, accrued and other
liabilities
(2,593
)
(587
)
Income taxes
(5,359
)
(3,519
)
Deferred revenue
17,740
27,116
Net cash provided by operating
activities
99,286
84,482
Investing activities:
Purchase of property and equipment
(1,675
)
(2,243
)
Net cash used in investing activities
(1,675
)
(2,243
)
Financing activities:
Repurchase of common stock
(169,115
)
(127,787
)
Net cash used in financing activities
(169,115
)
(127,787
)
Foreign currency impact on cash
(665
)
(4,387
)
Net change in cash and cash
equivalents
(72,169
)
(49,935
)
Cash and cash equivalents at beginning of
period
225,463
263,706
Cash and cash equivalents at end of
period
$
153,294
$
213,771
MANHATTAN ASSOCIATES, INC.
SUPPLEMENTAL INFORMATION
1. GAAP and adjusted earnings per share
by quarter are as follows:
2022
2023
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Full Year
1st Qtr
2nd Qtr
YTD
GAAP Diluted EPS
$0.48
$0.49
$0.47
$0.60
$2.03
$0.62
$0.63
$1.25
Adjustments to GAAP:
Equity-based compensation
0.19
0.20
0.19
0.21
0.79
0.23
0.25
0.47
Tax benefit of stock awards vested
(0.07)
-
-
-
(0.07)
(0.05)
-
(0.05)
Adjusted Diluted EPS
$0.60
$0.69
$0.66
$0.81
$2.76
$0.80
$0.88
$1.67
Fully Diluted Shares
63,871
63,419
63,165
63,028
63,408
62,767
62,432
62,599
2. Revenues and operating income by
reportable segment are as follows (in thousands):
2022
2023
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Full Year
1st Qtr
2nd Qtr
YTD
Revenue:
Americas
$139,540
$151,996
$156,674
$155,674
$603,884
$170,759
$179,208
$349,967
EMEA
32,151
31,614
31,843
33,330
128,938
39,658
40,902
80,560
APAC
7,265
8,314
9,584
9,099
34,262
10,596
10,906
21,502
$178,956
$191,924
$198,101
$198,103
$767,084
$221,013
$231,016
$452,029
GAAP Operating Income:
Americas
$21,393
$24,507
$22,914
$30,475
$99,289
$29,647
$32,326
$61,973
EMEA
10,517
9,423
9,851
10,239
40,030
12,793
13,556
26,349
APAC
2,062
3,323
4,005
3,991
13,381
4,645
4,601
9,246
$33,972
$37,253
$36,770
$44,705
$152,700
$47,085
$50,483
$97,568
Adjustments (pre-tax):
Americas:
Equity-based compensation
$14,138
$15,538
$14,533
$15,152
$59,361
$16,640
$17,928
$34,568
$14,138
$15,538
$14,533
$15,152
$59,361
$16,640
$17,928
$34,568
Adjusted non-GAAP Operating
Income:
Americas
$35,531
$40,045
$37,447
$45,627
$158,650
$46,287
$50,254
$96,541
EMEA
10,517
9,423
9,851
10,239
40,030
12,793
13,556
26,349
APAC
2,062
3,323
4,005
3,991
13,381
4,645
4,601
9,246
$48,110
$52,791
$51,303
$59,857
$212,061
$63,725
$68,411
$132,136
3. Impact of Currency
Fluctuation
The following table reflects the increases
(decreases) in the results of operations for each period
attributable to the change in foreign currency exchange rates from
the prior period as well as foreign currency gains (losses)
included in other income, net for each period (in thousands):
2022
2023
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Full Year
1st Qtr
2nd Qtr
YTD
Revenue
$(2,268)
$(4,568)
$(6,152)
$(5,124)
$(18,112)
$(3,084)
$104
$(2,980)
Costs and expenses
(2,043)
(3,862)
(5,412)
(5,354)
(16,671)
(3,616)
(1,133)
(4,749)
Operating income
(225)
(706)
(740)
230
(1,441)
532
1,237
1,769
Foreign currency gains (losses) in other
income
711
2,056
1,569
353
4,689
(810)
(516)
(1,326)
$486
$1,350
$829
$583
$3,248
$(278)
$721
$443
Manhattan Associates has a large research
and development center in Bangalore, India. The following table
reflects the increases (decreases) in the financial results for
each period attributable to changes in the Indian Rupee exchange
rate (in thousands):
2022
2023
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Full Year
1st Qtr
2nd Qtr
YTD
Operating income
$470
$710
$1,166
$1,900
$4,246
$1,632
$1,222
$2,854
Foreign currency gains (losses) in other
income
809
2,085
1,713
738
5,345
(283)
(31)
(314)
Total impact of changes in the Indian
Rupee
$1,279
$2,795
$2,879
$2,638
$9,591
$1,349
$1,191
$2,540
4. Other income includes the following
components (in thousands):
2022
2023
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Full Year
1st Qtr
2nd Qtr
YTD
Interest income
$19
$92
$112
$373
$596
$969
$1,555
$2,524
Foreign currency gains (losses)
711
2,056
1,569
353
4,689
(810)
(516)
(1,326)
Other non-operating income (expense)
8
95
(69)
102
136
(16)
2
(14)
Total other income (loss)
$738
$2,243
$1,612
$828
$5,421
$143
$1,041
$1,184
5. Capital expenditures are as follows
(in thousands):
2022
2023
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Full Year
1st Qtr
2nd Qtr
YTD
Capital expenditures
$1,159
$1,084
$1,909
$2,435
$6,587
$666
$1,009
$1,675
6. Stock Repurchase Activity (in
thousands):
2022
2023
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Full Year
1st Qtr
2nd Qtr
YTD
Shares purchased under publicly announced
buy-back program
383
417
347
206
1,353
515
381
896
Shares withheld for taxes due upon vesting
of restricted stock units
203
4
8
2
217
208
4
212
Total shares purchased
586
421
355
208
1,570
723
385
1,108
Total cash paid for shares purchased under
publicly announced buy-back program
$49,965
$50,151
$50,000
$25,234
$175,350
$74,177
$66,769
$140,946
Total cash paid for shares withheld for
taxes due upon vesting of restricted stock units
27,143
528
1,242
197
29,110
27,511
658
28,169
Total cash paid for shares repurchased
$77,108
$50,679
$51,242
$25,431
$204,460
$101,688
$67,427
$169,115
7. Remaining Performance
Obligations
We disclose revenue we expect to recognize
from our remaining performance obligations ("RPO"). Approximately
98% of our RPO represent cloud native subscriptions with a
non-cancelable term greater than one year (including cloud-deferred
revenue as well as amounts we will invoice and recognize as revenue
from our performance of cloud services in future periods).
Maintenance contracts are typically one year and are not included
in the RPO. Our RPO as of the end of each period appears below (in
thousands):
March 31, 2022
June 30, 2022
September 30, 2022
December 30, 2022
March 31, 2023
June 30, 2023
Remaining Performance Obligations
$
809,540
$
897,680
$
969,603
$
1,051,544
$
1,153,404
$
1,238,672
8. The 2017 U.S. Tax Cuts and Jobs Act
eliminated the expensing of research and development costs as
incurred for tax purposes beginning in 2022.
This law changes the timing of cash tax
payments, increasing near-term taxable income and payments, but
normalizing over time as these expenses are amortized. Our income
tax payments increased by approximately $26 million in 2022 due to
this law change and we expect a similar negative impact for 2023.
While there is still a possibility that legislation may be enacted
that defers or eliminates the requirement to capitalize these
costs, our current outlook factors in higher cash taxes as we will
be required to make these payments, unless the existing law is
amended. This legislation does not impact earnings per share, does
not create any incremental expense obligation, and does not impact
our ability to operationally grow cash flow.
9. Guideposts
The following table shows our (i) actual
2022 cloud revenue and remaining performance obligations (“RPO”)
results, (ii) revised 2023 cloud revenue guidepost, (iii) 2023 RPO
guidepost published as of October 25, 2022, and (iv) guideposts
published as of February 1, 2022, for cloud revenue and RPO for
2024.
Current Guideposts
($'s in millions)
Cloud Revenue
Year
Low
Mid
High
% Growth(1)
2022⁽²⁾
$176
$176
$176
44%
2023⁽³⁾
$246
$247
$248
40%
2024⁽⁵⁾
$310
$328
$345
33%
Remaining Performance
Obligations
Year
Low
Mid
High
% Growth(1)
2022⁽²⁾
$1,052
$1,052
$1,052
50%
2023⁽⁴⁾
$1,300
$1,350
$1,400
28%
2024⁽⁵⁾
$1,600
$1,700
$1,800
26%
(1) Year-over-year percentage growth is
calculated based on the actual or forecasted mid-points.
(2) Amounts reflect actual results for
2022.
(3) Amounts reflect revised range as of
July 25, 2023.
(4) Amounts remain unchanged from October
25, 2022.
(5) Amounts remain unchanged from February
1, 2022.
These guideposts are forward-looking
statements and are subject to all the risks and uncertainties
applicable to our shorter-term 2023 Guidance, as stated above. In
addition, the further into the future we project our financial
expectations, the greater the risk that actual results will differ
materially; consequently, our guideposts for the following fiscal
year may be inherently more uncertain than our guideposts for this
fiscal year, or than our 2023 Guidance published above.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230725047795/en/
Michael Bauer Senior Director, Investor Relations Manhattan
Associates, Inc. 678-597-7538 mbauer@manh.com
Rick Fernandez Director, Corporate Communications Manhattan
Associates, Inc. 678-597-6988 rfernandez@manh.com
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